Carnegie previously announced on 30 April 2018 that it had initiated a Share Purchase Plan which allowed all eligible Carnegie shareholders to purchase between AU$2,500 and AU$15,000 worth of shares in Carnegie at 3.0 cents per share.

Carnegie said the funds raised would be used to move its wave and solar-hybrid businesses toward profitability, being used as working capital to deliver its existing projects, to further develop and convert its contract pipeline, develop its build, own and operate project pipeline and to pursue opportunities to expand its businesses either organically or through corporate transactions.

Carnegie owns CETO Wave Energy Technology intellectual property as well as Australian battery and solar microgrid EPC company Energy Made Clean (EMC), which specialises in the delivery of mixed renewable energy microgrid projects to islands and remote and fringe of grid communities.

Carnegie’s managing director, Dr Michael Ottaviano, said: “We thank our shareholders for their support in the capital raise. We will now use this new capital and our existing funds to accelerate our businesses towards financial sustainability.”

In March, Carnegie started constructing the 10MW Northam Solar Farm, which will be amongst the first utility-scale PV projects to be developed on a merchant basis in Western Australia.